Barclays Wealth leading the charge as Scottish wealth management continues to expand
In a sector that has provided febrile job opportunities for some time now in Scotland, Barclays Wealth is fast emerging as the most aggressive recruiter.
The private bank has just unveiled Chris Arbuthnott, who joins from Kleinwort Benson, for its Aberdeen office.
This is hot on the heels of some 11 new hires in the final quarter of 2010, most recently Jonathan King and Simon Lewis, who joined as private bankers from Deutsche Bank and Speirs & Jeffrey in November, and Ryan McDonald, who was previously Lloyds Banking Group's head of wealth management.
Barclays Wealth intends to spend 140m over the next five years bolstering its UK headcount, and is aiming to double the number of private bankers it employs north of the border.
"Our Aberdeen business has undertaken considerable growth over the past 12 months, allowing us to expand the team in order to meet demand," said Mark Little, managing director of Barclays Wealth Scotland and Northern Ireland.
But Barclays is not alone in looking to gain a bigger slice of the Scottish wealth management pie. Deutsche Bank Private Wealth Management, for instance, unveiled a new management team in September (following a series of departures) and is currently recruiting relationship managers.
UBS Wealth Management is also building its presence in Scotland, having recently appointed Eric Hagman to its UK regional advisory board, and Quilter officially launched its Edinburgh office in January, appointing Murray Clark as business development manager and Joe Burns as a trainee investment manager.
Adam & Co has also continued to rebuild its Scottish team this year after a series of departures in 2010.
This ongoing movement is having the twin effect of creating a great deal of churn in Scotland's wealth management sector and driving up compensation expectations.
"Barclays undoubtedly has deep pockets, and it's fair to say a lot of good people have been approached," says one senior wealth manager in Scotland. "However, generally people are now expecting more. Bonus buyouts and one-year guarantees are no longer uncommon."
As the above moves suggest, most wealth managers are looking locally for hires, particularly when it comes to new office launches. Quilter, for instance, is rumoured to have tapped ex-Deutsche duo Alan Aitchison and Mark Hallam to lead its Edinburgh office.
But firms are also hoping to lure private bankers from elsewhere in the UK, which is putting further pressure on salaries, suggest Scottish financial services recruiters.
"The wealth management job market in Scotland continues to be buoyant, with more firms looking to expand their distribution base as demand for their services picks up," says Saftar Sarwar, managing partner at Scottish wealth manager Kingdom Capital Partners.
